Some memory systems, such as a solid-state drive (SSD), contains a plurality of memory dies (e.g., in a multi-die package) that can be read or written in parallel. Such memory systems typically have a maximum power threshold that limits the number of operations that can be executed at any given time. Different operations may consume different power and have various power consumption profiles. For example, some operations (e.g., program operations) may require higher energy and peak currents than others (e.g. read operations). When the actual power consumption is nearing the maximum power threshold, a controller in the memory system can withhold an operation as to not exceed the limit. Ideally, the actual power consumed in the memory system is equal to the maximum power consumption. However, because different operations can consume different amounts of power, the actual power consumed when throttling operations in this way is often less than the maximum power consumption, resulting in inefficient power management.